Dr. J. Retnakumar – Resident Manager, Oman Operations of  The New India Assurance Company Limited, says he believes in a people oriented approach to business and he chose a career in insurance primarily because it satisfied his aptitude for serving people. In an exclusive interview to Vistas he reveals  how good public relations, transforms to  better brand imaging and business growth.

Excerpts:

How has been The New India Assurance Company’s  performance this far in 2008?

Overall performance of New India Assurance Co this far in 2008 has been very good.  ‘New India’ has been doing well all these years in Oman and growth has been steady.  We hope to carry on with better performance in the coming years as well by upgrading our services and offering new products, package products to ensure fullest customer satisfaction.

You may be aware, ‘New India’ was the first foreign insurance company to enter the Sultanate of Oman in 1974 and today we are the leading foreign insurance company here in Oman.  As regards the operational results are concerned, we could achieve the highest ever increase of 41% during last financial year.  As is our practice all throughout in the past we have made conscious efforts to plough back surplus in upgrading our services by offering new products, package products, as well as upgrading the technology to ensure fullest client satisfaction.

Which are the areas of your core focus in Oman?

As far as company’s operation in the Sultanate of Oman is concerned, the main focus will be to expand with innovative, developmental  Personal Line insurance covers as well as doing maximum project insurances. 

Providing need-based Personal Line insurance covers that would serve the public is ‘New India’s forte.  Many a time the existing insurance which  may talk about so many things that are immaterial to the concerned client, may not cover the actual need-based risk,.  It is with this perception that we formulate  and introduce from time to time new covers in the market.   ‘COMPAS’ (Comprehensive Personal Accident Security) for the expatriate individuals of India and Philippine residing in Oman, ‘Family Health’ Insurance Scheme, ‘Smart Home’, ‘Travel Comfort’ are the few such insurance schemes introduced in the recent past.

The ongoing industrialization drive in the Sultanate will give more opportunities for the project insurance, and we wish to make the most of it by providing excellent services with professionalism, technical expertise and personal touch.

What would be The New India Assurance Company’s  market share among the insurance companies operating in Oman? Where do you stand in market capitalization?

Among the foreign insurance companies operating in Oman, ‘New India – Oman’ is the leader for the last three years consecutively, as per the survey conducted a leading business Magazine.  Around 80% of the total insurance business is transacted by the national companies and balance only are held by foreign insurance companies.
Speaking on market capitalization in light of new players entering in such a small market, ‘New India’s age, image, experience and goodwill distinguishes us from rest of the insurance companies not only in the local market, but globally.  As you may be aware, New India Assurance Co  is established in 1919 and its global operations started in 1920 with an office in London and now we have offices in all the five continents, in 27 countries.  In Oman, we started operations in the year 1974 and since then our growth has been very steady. 

‘New India’ always believe in value added service to their clients.  Apart from providing insurance covers, we from time to time conduct awareness programmes and workshops on insurance related subjects  for the benefit of general public.  All these factors consolidate to stand ‘New India’s position in the top level wherever we function across the world.

Ever since you took over, as the resident manger of  Oman operations, there seems to be a perceivable shift in the PR and marketing strategy of The New India Assurance Company. How far has it helping to improve the bottomline. Please comment.

It’s not actually a shift in the PR and marketing strategy of ‘New India’, but altogether a new style of functioning mainly due to periodical change of  CEOs in various countries.   Since my taking charge of Oman operations in December 2005, I was implementing my strategies in my own style.

I have always been very people oriented and that was why I have chosen my career in the insurance field mainly because that gratified my main aptitude of serving people, for social cause through public relations.  My experience at various positions in this organization have been very pleasing by the grace of God and support from colleagues and valuable clients. By making team members feel of my affection for them, confidence in them, I get the best out of my people.  This confidence and affection towards them induce them to give better service to our customers and customers in turn put their faith on us which gets translated into a better customer relationship and eventually leads to business growth as well.

I being an ardent art lover, joining hands with various socio-cultural events as a responsible corporate citizen also gives immense exposure to general public, which attributes to better public relation, which again is transformed to brand imaging and business growth.

Many banks are now selling insurance policies. What does this trend indicate? By the same logic would insurance companies be able to offer banking services to its customers in the near future? Do we see merger of Insurance companies with Banks? Please comment.

‘One-stop-shop’ concept is gaining importance and momentum and as such many banks have started their bancassurance portfolio in most of the countries.  This has necessitated for training to more personnel in the subject of insurance and in selling insurance policies.  This, I feel, will increase the penetration of insurance in the society at large and can lead to more awareness on various insurance policies, thereby expanding the insurable markets.  Regarding insurance companies entering into banking services, it depends upon those companies’ management who may  critically analyze the feasibility of such a venture.